Gold has turned higher today, Wednesday April 22, trading near $4,755 per ounce after yesterday’s $41 retreat that took prices to $4,763. Tuesday’s dip came as diplomatic optimism briefly lifted markets — the US and Iran were reportedly preparing for a second round of negotiations in Pakistan. That optimism evaporated overnight.

Iranian gunboats linked to the Islamic Revolutionary Guard Corps fired on a Liberia-flagged container vessel in Gulf waters last night, and two additional outbound cargo ships were targeted in separate attacks. Iran simultaneously confirmed it would not reopen the Strait of Hormuz while the US Navy maintains its interception operations in the region. The ceasefire, which was extended by President Trump, is now under severe strain. Trump has also warned publicly that he will not extend the truce further if no agreement is reached before it expires — and no agreement looks imminent.

For the gold and jewellery market, this is the environment that keeps demand elevated. When shipping lanes are under fire and diplomatic progress collapses overnight, the fundamental case for owning real, physical gold — whether in a vault or worn as jewellery — becomes self-evident. Gulf consumers understand this instinctively: gold is not a speculative bet. It is the oldest store of value in the region, and these are exactly the conditions it was made for.

Adding to the market tension this week: the US Federal Reserve meets April 28–29. The current rate sits at 3.50%–3.75%, unchanged since March. Markets are watching closely for any signal from Chair Powell on whether cuts are coming. A dovish pivot would weaken the dollar and push gold higher. Meanwhile, US PMI data drops Thursday and the University of Michigan inflation expectations survey lands Friday. This week is not quiet for gold.

Today’s prices: 24K — $152.93/gram | 22K — $140.19/gram | 18K — $114.70/gram All prices USD. Indicative only — subject to market fluctuation.